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Publication year
Cognition and Behavior in Two-Person Guessing Games: An Experimental Study
Resource type
Authors/contributors
- Costa-Gomes, Miguel A. (Author)
- Crawford, Vincent P. (Author)
Title
Cognition and Behavior in Two-Person Guessing Games: An Experimental Study
Abstract
This paper reports an experiment that elicits subjects? initial responses to 16dominance-solvable two-person guessing games. The structure is publicly announcedexcept for varying payoff parameters, to which subjects are given freeaccess. Varying the parameters allows very strong separation of the behaviorimplied by leading decision rules. Subjects? decisions and searches show that mostsubjects understood the games and sought to maximize payoffs, but many hadsimplified models of others? decisions that led to systematic deviations from equilibrium.The predictable component of their deviations is well explained by astructural nonequilibrium model of initial responses based on level-k thinking. (JELC72, C92, D83)
Publication
American Economic Review
Volume
96
Issue
5
Pages
1737-1768
Date
2006-12
Citation
Costa-Gomes, M. A., & Crawford, V. P. (2006). Cognition and Behavior in Two-Person Guessing Games: An Experimental Study. American Economic Review, 96, 1737–1768.
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